What is the Long Term Care Partnership?
The Idaho Long Term Care Partnership Program is a
program that involves state government and private insurers. Its purpose is to
encourage people to prepare for their future care needs by purchasing insurance
that pays when a person must be moved into a long term care facility like a
nursing home.
Under the Partnership Program, the state will disregard the policyholder’s
personal assets equal to amounts paid out under a qualifying insurance policy
when it determines the person’s eligibility for Medicaid assistance. For
example, if a qualifying insurance policy pays out $50,000 in benefits to cover
a person’s long term care needs, Medicaid would not count up to $50,000 of the
person’s assets when it determines whether the person is eligible for Medicaid
assistance with long term care costs. This means the person would be able to
qualify for long term care assistance through Medicaid without first having to
spend all their personal assets on care.
It is important to remember that only certain types of long term care policies
qualify for the Partnership Program and the state and federal laws governing
the program are subject to change. If you are considering purchasing long term
care insurance, you should talk with your agent about whether a Partnership
Policy is appropriate for your needs.
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